Financial Performance - Total revenue for the year was HKD 579,132,000, a decrease of 2.1% from HKD 596,400,000 in the previous year[14] - Operating profit decreased to HKD 138,709,000, down 26.7% from HKD 189,121,000 year-on-year[14] - The net loss attributable to the owners of the parent company was HKD 66,353,000, compared to a loss of HKD 206,327,000 in the previous year[5] - The total tax expense for the year amounts to HKD 56,241,000, a significant increase from HKD 9,402,000 in the previous year[21] - The total comprehensive loss for the year ended March 31, 2024, was HKD 57,077,000, compared to a loss of HKD 224,067,000 for the year ended March 31, 2023, indicating a significant improvement[109] - Revenue for the fiscal year 2024 was HKD 579.1 million, a decrease of 2.9% compared to HKD 596.4 million in fiscal year 2023[138] - Gross profit increased to HKD 343.3 million, reflecting a growth of 3.8% from HKD 330.8 million in the previous year[138] - Net profit for the year was HKD 26.9 million, representing a significant increase of 45.4% from HKD 18.5 million in fiscal year 2023[138] - The company reported a profit of HKD 26,876,000 for the fiscal year ending March 31, 2024, compared to HKD 18,501,000 in the previous year, representing an increase of approximately 45.5%[141] Assets and Liabilities - Non-current liabilities decreased to HKD 1,486,768,000 from HKD 1,717,098,000, a reduction of 13.4%[7] - The company's total equity decreased to HKD 2,068,744,000 from HKD 2,127,412,000, reflecting a decline of 2.8%[7] - The group's total assets are approximately HKD 4,638,000,000, with a net asset value of approximately HKD 2,069,000,000 as of March 31, 2024[42] - The group has a debt-to-asset ratio of approximately 49.9% as of March 31, 2024[42] - The company's assets decreased to HKD 2,068.7 million, down 2.8% from HKD 2,127.4 million in the previous year[138] - The group recorded revenue of approximately HKD 579,000,000 for the year, a decrease of about 3% compared to HKD 596,000,000 in the previous fiscal year, primarily due to reduced rental income from agricultural product trading markets[199] Revenue Segments - The agricultural products trading segment generated revenue of HKD 404,801,000, down from HKD 427,380,000, a decrease of 5.4%[14] - Property sales revenue increased to HKD 174,331,000 from HKD 169,020,000, an increase of 3.9%[14] - Revenue from the Puyang market decreased by approximately 17% compared to the previous fiscal year, primarily due to reduced rental income from the agricultural product trading market[35] - Revenue from the Qinzhou market decreased by approximately 28% compared to the previous fiscal year, mainly due to decreased rental income from the agricultural product trading market[37] - The Luoyang market's revenue decreased by approximately 58% due to a reduction in property sales recognition compared to the previous fiscal year[66] - The Yulin market's revenue increased by approximately 97% due to a rise in property sales recognition[68] Financial Management - The company reported a financial asset impairment reversal of HKD 113,442,000, significantly up from HKD 15,744,000 in the previous year[14] - Interest expenses on bank and other borrowings increased to HKD 100,262,000 from HKD 95,735,000, an increase of 5.3%[20] - The financing costs for the year were HKD 111.6 million, a decrease from HKD 118.4 million in the previous year[6] - The pre-tax profit for the year was HKD 83.1 million, significantly up from HKD 27.9 million in fiscal year 2023[6] - Other income and gains amounted to approximately HKD 119,000,000, significantly increasing from HKD 25,000,000 in the previous year, primarily due to the reversal of long-aged payables[167] Corporate Governance and Compliance - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance by all directors throughout the year[87] - The audit committee has reviewed the group's financial reporting procedures and internal controls for the fiscal year ending March 31, 2024[101] - The company has established an audit committee to oversee financial reporting, risk management, and corporate governance matters, with all members being independent non-executive directors[101] - The company is actively monitoring fluctuations in the RMB to HKD exchange rate and has prepared effective hedging mechanisms in response to adverse market conditions[90] - The company has faced challenges in obtaining necessary licenses and permits for the development and operation of agricultural product trading markets, employing qualified local staff to ensure compliance with regulations[91] Future Outlook - The company plans to focus on market expansion and new product development in the upcoming fiscal year[14] - The company is actively exploring and evaluating multiple business opportunities to support future growth[63] - The company has entered into a sale agreement for its interest in the Huai'an market, which is expected to impact future financial performance[70] - The group plans to sell a subsidiary holding the Huai'an Agricultural Products Trading Market for an initial consideration of approximately RMB 28,900,000 (equivalent to about HKD 31,900,000)[198] Employee and Operational Metrics - The group employed 1,048 employees as of March 31, 2024, down from 1,116 employees in the previous year, with approximately 98% based in China[193] - The group has no outstanding foreign exchange contracts, interest rate or currency swaps, or other financial derivatives as of March 31, 2024[184] Shareholder Information - The company does not plan to declare any dividends for the fiscal years ending March 31, 2024, and March 31, 2023[53] - The company will hold its annual general meeting on August 20, 2024, at the Millennium New World Hotel in Hong Kong[105] - The company plans to publish its annual report, which will include all information required by listing rules, available for shareholders and on its website[106]
中国农产品交易(00149) - 2024 - 年度业绩